AMC to Acquire Carmike for Combination of Cash and Stock in
Approximately $1.2 Billion Transaction

Represents Premium of Approximately 32% Over Carmike’s Stock Price on
March 3, 2016 and an Increase of 10.2% Over AMC’s Original Cash
Offer of $30 Per Share

July 25, 2016 06:40 AM Eastern Daylight Time

COLUMBUS, Ga.--(EON: Enhanced Online News)--Carmike Cinemas, Inc. (NASDAQ:CKEC) (“Carmike”) announced today that it
has entered into an amended and restated merger agreement with AMC
Theatres (AMC Entertainment Holdings, Inc.) (NYSE:AMC) (“AMC”) pursuant
to which AMC will acquire all outstanding shares of Carmike in cash and
stock.

Under the terms of the transaction, for each outstanding share of
Carmike common stock, Carmike’s stockholders will have the option to
elect to receive either $33.06 in cash or 1.0819 shares of AMC’s Class A
common stock. Such elections are subject to proration such that in the
aggregate 30% of Carmike’s outstanding shares are exchanged for shares
of AMC’s Class A common stock, and 70% of Carmike’s outstanding shares
are exchanged for cash.

Based on the closing trading price of AMC’s common stock on the New York
Stock Exchange on July 22, 2016, the transaction is valued at
approximately $1.2 billion, including the assumption of Carmike net
indebtedness. The $1.2 billion transaction value consists of
approximately $585 million paid in cash and $250 million in AMC’s Class
A common stock to be paid to Carmike stockholders, and AMC’s assumption
of Carmike’s net debt. The total consideration to be received by Carmike
stockholders under the amended and restated merger agreement represents
a premium of approximately 32% over Carmike’s stock price on March 3,
2016, the last date prior to the announcement of the transaction between
AMC and Carmike, and an increase of 10.2% over AMC’s original cash offer
of $30 per share.

The amended and restated merger agreement has been unanimously approved
by the Carmike Board of Directors, and Carmike’s Board recommends that
all Carmike stockholders vote “FOR” the amended and restated merger
agreement with AMC.

David Passman, Carmike President and Chief Executive Officer, said, “We
are pleased to have reached this amended merger agreement with AMC,
which follows extensive negotiations with AMC. The revised merger
agreement provides significant additional value to Carmike stockholders
and enables our stockholders to now participate in the potential upside
of a combined AMC-Carmike while continuing to receive significant,
premium value for their investment in Carmike. Our Board unanimously
believes that this transaction is compelling and in the best interest of
all Carmike stockholders.”

Approvals and Timing

The transaction is expected to be completed by the end of 2016, subject
to customary closing conditions, including regulatory approval and
approval by Carmike’s stockholders.

Carmike intends to adjourn the Special Meeting of Stockholders scheduled
to reconvene on July 25, 2016 at 9:00 a.m. local time, at the offices of
King & Spalding LLP located at 1180 Peachtree Street, N.E., Atlanta,
Georgia 30309.

Carmike will disseminate a revised proxy statement/prospectus to Carmike
stockholders in connection with the amended and restated merger
agreement, which will provide details on when the Special Meeting of
Stockholders will be reconvened. Carmike’s Board of Directors has not
yet determined whether a revised record date will be set for the
reconvened Special Meeting of Stockholders. However, in light of the
revised transaction structure and anticipated timeline, Carmike's Board
of Directors likely will set a new record date for the reconvened
Special Meeting of Stockholders.

Additional Details

AMC’s revised offer has fully committed financing in place and will be
funded through a combination of existing liquidity, including cash on
hand, incremental debt, and equity issuance. The debt financing
commitment is being provided by Citigroup Global Markets Inc. (“Citi”).

J.P. Morgan Securities LLC is serving as exclusive financial advisor and
provided a fairness opinion to Carmike. King & Spalding LLP is acting as
legal counsel to Carmike.

Carmike Cinemas, Inc. is a U.S. leader in digital cinema, 3-D cinema
deployments and alternative programming and is one of the nation's
largest motion picture exhibitors. Carmike has 273 theatres with 2,938
screens in 41 states. The circuit includes 55 premium large format (PLF)
auditoriums featuring state-of-the-art technology and luxurious seating,
including 32 "BigDs," 21 IMAX auditoriums and two MuviXL screens. As
"America's Hometown Theatre Chain" Carmike's primary focus is mid-sized
communities. Visit www.carmike.com for
more information.

Disclosure Regarding Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. Statements that are not
historical facts, including statements about Carmike’s beliefs,
expectations and future performance, are forward-looking statements.
Forward-looking statements include statements preceded by, followed by
or that include the words, “believes,” “expects,” “anticipates,”
“plans,” “estimates,” “seeks” or similar expressions. Forward-looking
statements are only predictions and are not guarantees of performance.
These statements are based on beliefs and assumptions of Carmike’s
management, which in turn are based on currently available information.
The forward-looking statements also involve risks and uncertainties,
which could cause actual results to differ materially from those
contained in any forward-looking statement. Many of these factors are
beyond Carmike’s ability to control or predict. Important factors that
could cause actual results to differ materially from those contained in
any forward-looking statement include, but are not limited to: the
occurrence of any event, change or other circumstances that could give
rise to the termination of the amended and restated merger agreement;
the inability to complete the proposed merger due to the failure to
obtain Carmike stockholder or regulatory approval for the proposed
merger or the failure to satisfy other conditions of the proposed merger
within the proposed timeframe or at all; disruption in key business
activities or any impact on Carmike’s relationships with third parties
as a result of the announcement of the proposed merger; the failure to
obtain the necessary financing arrangements as set forth in the debt
commitment letters delivered pursuant to the amended and restated merger
agreement, or the failure of the proposed merger to close for any other
reason; risks related to disruption of management’s attention from
Carmike’s ongoing business operations due to the proposed merger; the
outcome of any legal proceedings, regulatory proceedings or enforcement
matters that may be instituted against Carmike and others relating to
the amended and restated merger agreement; the risk that the pendency of
the proposed merger disrupts current plans and operations and the
potential difficulties in employee retention as a result of the pendency
of the proposed merger; the amount of the costs, fees, expenses and
charges related to the proposed merger; adverse regulatory decisions;
unanticipated changes in the markets for Carmike’s business segments;
general economic conditions in Carmike’s regional and national markets;
Carmike’s ability to comply with covenants contained in the agreements
governing Carmike’s indebtedness; Carmike’s ability to operate at
expected levels of cash flow; financial market conditions including, but
not limited to, changes in interest rates and the availability and cost
of capital; Carmike’s ability to meet its contractual obligations,
including all outstanding financing commitments; the availability of
suitable motion pictures for exhibition in Carmike’s markets;
competition in Carmike’s markets; competition with other forms of
entertainment; the effect of Carmike’s leverage on its financial
condition; prices and availability of operating supplies; the impact of
continued cost control procedures on operating results; the impact of
asset impairments; the impact of terrorist acts; changes in tax laws,
regulations and rates; and financial, legal, tax, regulatory,
legislative or accounting changes or actions that may affect the overall
performance of Carmike’s business.

Consider these factors carefully in evaluating the forward-looking
statements. Additional factors that may cause results to differ
materially from those described in the forward-looking statements are
set forth in Carmike’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2015, which was filed with the U.S. Securities and
Exchange Commission (the “SEC”) on February 29, 2016, under the heading
“Item 1A. Risk Factors,” and in Carmike’s subsequently filed reports
with the SEC, including Forms 10-Q and 8-K. Readers are cautioned not to
place undue reliance on the forward-looking statements included in this
press release, which speak only as of the date hereof. Carmike does not
undertake to update any of these statements in light of new information
or future events, except as required by applicable law.

Important Additional Information Regarding the Merger

This press release may be deemed to be solicitation material in respect
of the proposed merger of Carmike with and into a wholly-owned
subsidiary of AMC. In connection with the proposed merger, AMC and
Carmike will file with the SEC a Registration Statement on Form S-4 (the
“Registration Statement”) containing a prospectus with respect to the
AMC common stock to be issued in the proposed merger and a proxy
statement of Carmike in connection with the proposed merger (the “Proxy
Statement/Prospectus”). The proxy statement of Carmike contained in the
Proxy Statement/Prospectus will replace the definitive proxy statement
which Carmike previously filed with the SEC on May 23, 2016 and mailed
to its stockholders on or about May 25, 2016. Each of AMC and Carmike
intends to file other documents with the SEC regarding the proposed
merger. The definitive Proxy Statement/Prospectus will be mailed to
stockholders of Carmike and will contain important information about the
proposed merger and related matters.

BEFORE MAKING ANY INVESTMENT OR VOTING DECISION, CARMIKE’S STOCKHOLDERS
ARE URGED TO READ CAREFULLY THE DEFINITIVE PROXY STATEMENT/PROSPECTUS IN
ITS ENTIRETY WHEN IT BECOMES AVAILABLE (INCLUDING ANY AMENDMENTS OR
SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT AMC OR
CARMIKE HAS FILED OR MAY FILE WITH THE SEC IN CONNECTION WITH THE
PROPOSED MERGER, OR WHICH ARE INCORPORATED BY REFERENCE IN THE
DEFINITIVE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER.

Carmike’s stockholders will be able to obtain, free of charge, copies of
the definitive Proxy Statement/Prospectus and Registration Statement,
when available, and other relevant documents filed by AMC and Carmike
with the SEC, at the SEC’s website at www.sec.gov.
In addition, Carmike’s stockholders may obtain free copies of the Proxy
Statement/Prospectus and other relevant documents filed by Carmike with
the SEC from Carmike’s website at http://www.carmikeinvestors.com/.

This communication does not constitute an offer to buy or exchange, or
the solicitation of an offer to sell or exchange, any securities, nor
shall there be any sale of securities in any jurisdiction in which such
offer, sale or exchange would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. This
communication is not a substitute for any prospectus, proxy statement or
any other document that AMC or Carmike may file with the SEC in
connection with the proposed merger.

Participation in the Solicitation

This communication does not constitute a solicitation of a proxy from
any stockholder with respect to the proposed merger. However, each of
AMC, Carmike and their respective directors and executive officers, may
be deemed to be participants in the solicitation of proxies from
Carmike’s stockholders with respect to the proposed merger. More
detailed information regarding the identity of these potential
participants, and any direct or indirect interests they may have in the
proposed merger, by security holdings or otherwise, will be set forth in
the Proxy Statement/Prospectus, which will replace the definitive proxy
statement which Carmike previously filed with the SEC on May 23, 2016
and mailed to its stockholders on or about May 25, 2016. Additional
information concerning AMC’s directors and executive officers is set
forth in the definitive proxy statement filed by AMC with the SEC on
March 15, 2016 and in the Annual Report on Form 10-K filed by AMC with
the SEC on March 8, 2016. These documents are available to Carmike
stockholders free of charge from the SEC’s website at www.sec.gov
and from the investor relations section of AMC’s website at
amctheatres.com. Additional information concerning Carmike’s directors
and executive officers and their ownership of Carmike common stock is
set forth in the proxy statement for Carmike’s most recent annual
meeting of stockholders, which was filed with the SEC on April 15, 2016
and in the Annual Report on Form 10 K filed by Carmike with the SEC on
February 29, 2016. These documents are available to Carmike stockholders
free of charge from the SEC’s website at www.sec.gov
and from Carmike’s website at http://www.carmikeinvestors.com/.